Sunday, February 08, 2009

Obama's errors can be corrected

President Obama was right to run against "Bush's failed economic policies." Both politically, and IMO, Bush's economic policies* were failures. In fairness though, those policies began decades before Bush took office.

Additionally, Obama promised transparency and accountability.

But when it comes to the Bush / Dodd / Geithner / Bernanke bailout failure, I'm still waiting to see any change.

From the NYTimes' Floyd Norris:

Wall Street helped produce the global financial and economic crisis. Now, as the Obama administration prepares to unveil a revised bailout plan for the banking system, policy makers hope Wall Street can be part of the solution.

I guess $700 billion wasn't enough to clog the toilet. We need to flush more money down there.

But what's worse than wasting more money is Obama's insistence on keeping Tim "Just trust me" Geithner at Treasury. Geithner continues to enhance his credentials as the most secretive member of Obama's cabinet. Frankly, Geithner outright opposes anyone knowing anything important:

Details of the new plan, which were still being worked out during the weekend, are sketchy. And they are likely to remain so even after Treasury Secretary Timothy F. Geithner announces the plan on Tuesday.

I like President Obama. But he should change American economic policy, not exacerbate the Bush failures.

Tim White

* Economic policies being fiscal policy (deficit spending) and monetary policy (fiat money)

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